Financial Crime World

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Ghana’s Efforts to Combat Financing of Terrorism Under Scrutiny

A recent report by the Financial Action Task Force (FATF) has assessed Ghana’s efforts in combating the financing of terrorism, highlighting areas where the country needs to improve. The report evaluates the extent to which Ghana has implemented technical requirements to prevent money laundering and terrorist financing.

Mixed Picture Emerges

While Ghana is largely compliant with several recommendations, including those related to national cooperation and coordination, money laundering offences, and confiscation and provisional measures, there are areas where the country falls short.

  • Financial institution secrecy laws
  • Customer due diligence
  • Record keeping
  • Reliance on third parties

Areas for Improvement

The report highlights that Ghana needs to strengthen its regulations and supervision of financial institutions, as well as improve its transparency and beneficial ownership requirements for legal persons and arrangements. Additionally, the country needs to enhance its international cooperation in areas such as:

  • Mutual legal assistance
  • Extradition
  • Other forms of international cooperation

Concerns about Ghana’s Ability to Prevent Terrorism Financing

Ghana’s failure to implement these measures effectively has raised concerns about the country’s ability to prevent the financing of terrorism. The report notes that Ghana is at risk of being added to the FATF’s list of high-risk countries unless it takes swift action to address its shortcomings.

Government Response

In response, Ghana’s government has vowed to strengthen its anti-money laundering and counter-terrorism financing regime, with plans to:

  • Implement new regulations and guidelines for financial institutions and non-profit organizations
  • Enhance international cooperation
  • Increase public awareness about the risks of terrorism financing

Conclusion

The report is a wake-up call for Ghana to take concrete action to address these vulnerabilities and prevent the misuse of its financial system for terrorist activities.